Top 10 Companies of India: The combined value of top 10 companies in India is Rs 73.3 lakh crore. This is equal to 28% of India’s GDP, according to “2023 Burgundy Private Hurun India 500” list.
The top 10 companies by value in the list released today are Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, ITC, Larsen & Turbo, HCL Technologies and Kotak Mahindra Bank.
Interestingly, 6 six out of the top 10 companies are headquartered in Mumbai. One in New Delhi, one in Noida, one in Bengaluru and one in Kolkata.
Compared to previous year, HDFC is out of the list (ranked 7th last year) due to merger with HDFC Bank. There are three new entrants in the top 10 list – Larsen & Tourbo, HCL Technologies and Kotak Mahindra Bank. They have replaced HDFC, Adani Total Gas and Adani Enterprises.
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Top 10 companies in India by value
| Rank | Company | Value (INR Cr) | Change (%) | Headquarters | CEO |
| 1- | Reliance Industries | 15,64,663 | -9.3% | Mumbai | Mukesh D. Ambani |
| 2- | Tata Consultancy Services | 12,36,229 | 5.8% | Mumbai | K. Krithivasan |
| 3- | HDFC Bank | 11,25,975 | 35.1% | Mumbai | Sashidhar Jagdishan |
| 4↑ | ICICI Bank | 6,47,716 | 2.3% | Mumbai | Sandeep Bakhshi |
| 5↓ | Infosys | 5,71,529 | -11.7% | Bengaluru | Salil Parekh |
| 6- | Bharti Airtel | 5,55,531 | 13.5% | New Delhi | Gopal Vittal |
| 7↑ | ITC | 5,36,811 | 24.2% | Kolkata | Sanjiv Puri |
| 8* | Larsen & Toubro | 4,02,197 | 41.5% | Mumbai | SN Subrahmanyan |
| 9* | HCL Technologies | 3,43,211 | 21.5% | Noida | C Vijayakumar |
| 10* | Kotak Mahindra Bank | 3,41,352 | -9.6% | Mumbai | Dipak Gupta |
As per Hurun Research, the total value of top 10 most valuable Indian enterprises increased by 165% in the past decade. Eight of these companies have been in top 10 for both the past 5 and 10 years.
Top 10 companies of India 5 years ago
| Rank | Company | Value (INR Cr) |
| 1 | Reliance Industries | 9,28,270 |
| 2 | Tata Consultancy Services | 8,51,660 |
| 3 | HDFC Bank | 6,73,095 |
| 4 | Housing Development Finance Corporation | 3,68,114 |
| 5 | ITC | 3,16,561 |
| 6 | Kotak Mahindra Bank | 3,00,734 |
| 7 | ICICI Bank | 2,99,115 |
| 8 | Infosys | 2,91,957 |
| 9 | Axis Bank | 2,07,589 |
| 10 | Larsen & Toubro | 2,06,708 |
Top 10 companies 10 years ago
| Rank | Company | Value (INR Cr) |
| 1 | Tata Consultancy Services | 5,09,768 |
| 2 | Reliance Industries | 3,22,806 |
| 3 | ICICI Bank | 3,16,332 |
| 4 | ITC | 2,83,285 |
| 5 | Infosys | 2,32,101 |
| 6 | HDFC Bank | 2,18,130 |
| 7 | Kotak Mahindra Bank | 2,00,346 |
| 8 | Larsen & Toubro | 1,92,085 |
| 9 | Bharti Airtel | 1,87,086 |
| 10 | Asian Paints | 1,73,964 |
The “2023 Burgundy Private Hurun India 500” is third edition of the list of 500 most valuable companies in India. Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the list today.
These companies have been ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The cut-off date to arrive at this list was 30th October 2023. This list includes companies headquartered in India only. It doesn’t include PSUs, subsidiaries of foreign and Indian companies.
The minimum market capitalization of companies in the list is Rs 6700 crore (approx $807 million).
The total value of the 500 companies in the list is Rs 231 lakh crore ($2.8 trillion). As many as 52 companies are less than a decade old.
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